OPEC Oil Cartel to Pump Significantly More Oil

The OPEC countries and allies such as Russia and Kazakhstan (OPEC+) are planning to pump significantly more oil in July and August.

 

Unnamed negotiators at the monthly OPEC meeting told Bloomberg news agency that the alliance of oil countries wants to increase the monthly production increase by half.

According to the insiders, the advice is to produce 648,000 more barrels of oil per day in July and August. In recent months, OPEC+ has increased oil production by 432,000 barrels per day. That was only a modest increase in light of soaring demand and concerns about the availability of Russian oil after the invasion of Ukraine.

Both developments pushed up oil prices, resulting in record petrol prices in the Netherlands, among others.

OPEC, of which Saudi Arabia is the unofficial leader, is changing its course significantly by opening the oil tap further. High oil prices previously failed to convince the oil cartel to make more barrels of oil available on the world market more quickly. The US government, among others, exerted pressure on Saudi Arabia to produce more.